Al Gosaibi corporate feud is a war of attrition

The Middle East’s biggest corporate scandal has raged for more than a year now and still shows little sign of abating, nor of resolution.

If anything, the confrontation between the al Gosaibi dynasty and their estranged family member Maan al Sanea is becoming more intractable, as positions on each side become more entrenched.

What began as an explosive fight over US$10 billion (Dh36.72bn) of allegedly stolen money, which may be twice that amount at stake in the form of bank borrowings from about 100 creditors, has turned into a war of attrition largely fought in the courts in New York, London, the Cayman Islands and the Gulf.